In our digitalized world, virtually every business that matters has an online presence. And yet, while businesses and technology have evolved significantly since the early days of the internet, the use of passwords has unfortunately remained an ever-present feature.
The task of remembering multiple passwords for different accounts and recovering them can be daunting – yet despite passwords being a burden on both businesses and consumers, they have somehow stuck around.
The good news is that there is a solution to the password problem, and that is: adopting a passwordless strategy. By eliminating the need for credential-based authentication methods such as OTPs and passwords, organizations can fundamentally transform the user experience, making it more convenient, secure, and user-friendly.
In this article, we’ll explore how adopting a passwordless strategy can help accelerate innovation and improve brand experience, benefiting users and organizations alike.
Implementing a passwordless solution can be a key differentiator in how users perceive your business. In the new digital norm, fast and simple access to online services and applications is critical to business success, client retention, and productivity.
Passwordless solutions have many benefits, including enhanced security (by reducing the risk of attacks caused by compromised credentials and personal data) and eliminating the need for users to remember and manage multiple login credentials.
One of the most popular forms of passwordless authentication is biometric authentication, which uses unique physical characteristics, such as fingerprints or facial features, to verify a user's identity. According to a recent study, over half of the users surveyed who use biometric authentication methods prefer them over any other method.
Biometric authentication offers several advantages over other forms of authentication, including increased security and convenience. Biometric data is also unique to each individual and cannot be easily replicated or stolen.
Passwords can easily be stolen through keyloggers, malware or a vast number of other nefarious tactics employed by hackers. As such, passwords are often viewed as the weakest link in security, with compromised credentials being the most common initial attack vector, representing 20% of all breaches.
Recent studies have shown that over 50% of users prefer to protect their accounts using a method that does not involve passwords. This is no surprise since passwords can be a source of frustration for users. One of the main advantages of using a passwordless solution is that it can reduce login friction, as users aren’t expected to remember difficult passwords.
With passwords, users often forget their login credentials or use weak passwords that are easily compromised, leading to a frustrating user experience (UX). A poor UX can result in a number of negative consequences for your business, with instances of abandoned shopping carts and a poor conversion rate being the most common outcomes. In addition, a poor UX design is likely to be more costly for your business as your customer and IT support teams gradually become inundated with requests from disgruntled customers/users.
By adopting a passwordless strategy, your business can vastly improve the UX, as customers will be able to log in to their accounts without the need for any complex passwords. As such, a passwordless solution makes the login & overall user experience seamless and more user-friendly. It is well documented that businesses with good UX design are more likely to face reduced operating costs, increased conversions, and perhaps most importantly, have more satisfied customers.
Research shows that 81% of satisfied customers are more likely to do business with your company again if they have a positive experience. Comparatively, as much as 95% of customers are likely to take some form of action (a bad review, discussing the experience with friends and family, etc.) after receiving a negative experience. As a result, it’s imperative that businesses put their customers front and center, and one way of doing this is by implementing a passwordless solution.
Overall, adopting a passwordless strategy can offer a range of benefits for businesses and their customers. By improving both security and the user experience, businesses can gain a competitive edge in the market while providing their customers with a more secure and seamless experience.
In a world where cyber threats continue to evolve, it's essential to prioritize security while also delivering a frictionless user experience. Keyless offers a cutting-edge solution that addresses both of these challenges.
As such, we believe that our industry-leading, biometric-based passwordless authentication solution can help your business embrace a passwordless future. Leveraging facial recognition to authenticate users without requiring passwords, Keyless eliminates the risk of credential theft and phishing attacks while also streamlining the login process for your users. As such, customers of businesses that use Keyless can enjoy a faster, more convenient and more pleasurable user experience than ever before.
Our privacy-enhancing, frictionless authentication technology has been recognized by numerous industry experts and organizations, earning awards such as the Frost & Sullivan 2020 European Technology Innovation Award for Passwordless Authentication.
Don't let passwords hold you back from delivering the best possible user experience. Join the passwordless revolution with Keyless today and unlock a new level of security and convenience for your customers. To learn more about our solution and how it can benefit your organization, visit our website or contact us.